Tattersalls buys up NSW Lotteries in Billion-dollar deal

The NSW Government has sold the NSW state lotteries company to Tatts Group Ltd in a deal that it says is worth over $1 billion.
NSW Treasurer Eric Roozendaal says the company will be given a 40-year licence to run the lotteries which will deliver just over $1 billion to NSW taxpayers.
Lotteries, poker machines and wagering firm Tatts Group will pay the NSW government $850 million cash as consideration for the licence and purchase of NSW Lotteries Corporation.
Under the terms of the agreement, NSW Lotteries Corporation will transfer approximately $160 million of cash and other assets to the NSW government before completion of the deal, a statement said.
Minister Roozendaal explained "this is a great outcome for the families and taxpayers of NSW."
Minister Roozendaal says taxpayers will continue to benefit from the ongoing payment of duties from the sale of lotteries products, which totalled $330 million last financial year.
The sale of the state lotteries to Tatts Group is expected to be completed by the end of March.
The gambling firm had a strong track record in the lottery and gaming sector, Minister Roozendaal added "Tatts Group's offer met the Government's objectives of achieving the best value for taxpayers and ensuring the ongoing integrity of public lotteries in NSW.
"Tatts Group is a leading operator of lotteries in Australia and has the necessary operational and financial capabilities to ensure NSW taxpayers continue to benefit from public lotteries."